Ripple CEO Embraces Prospect of XRP ETF, Predicts Others to Follow
Ripple CEO Brad Garlinghouse said he’s all for an XRP ETF, indicating that investors will appreciate the diversification it would bring.
“I think it only makes sense,” he said in a Bloomberg interview on Tuesday. “There will be other ETFs too. It’s a little like the earliest days of the stock market. You don’t really want exposure to one stock, or one company. You want to typically think about diversifying risk… and so I think we will see other ETFs,” he added, noting that it’s difficult to predict exactly when this will occur.
When questioned about which issuers Ripple might be discussing a potential ETF with, Garlinghouse declined to comment.
Ripple CEO Brad Garlinghouse says he would "certainly welcome" an XRP ETF https://t.co/qjdDlgRGof pic.twitter.com/5qob31M65M
— Bloomberg TV (@BloombergTV) February 20, 2024
In January, the US Securities & Exchange Commission authorized 11 Spot Bitcoin ETFs, introducing an additional investment mechanism for Wall Street.
This followed Grayscale’s legal victory over the SEC last year, where judges told the agency to reconsider the asset manager’s request to change its bitcoin trust (GBTC) into an ETF.
Following Grayscale’s victory, SEC Chair Gary Gensler said the regulator would reconsider applications in light of those court decisions.
Addressing this, Garlinghouse pointed out that the reality is the SEC and Gensler were pushed into approving the Bitcoin ETFs.
Discussing the forthcoming US election, Garlinghouse highlighted the need for the US to reclaim a leading role in crypto regulation.
“We are behind other major countries like the UK. The European Union, as a 27-country membership, is ahead of us,” he said. “Over 20% of the US population already has direct or indirect exposure to
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